Collision Repair Market Size to exceed $340bn by 2026

Collision Repair Market size is set to exceed USD 340 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Rising fatal accidental rates in urban areas is escalating the revenue generation

Increasing road traffic accidents is escalating the demand for vehicle replacement parts. According to the World Bank, African countries account for the highest fatalities due to road accidents with around 26.6 deaths per 100,000 people in 2016. The consumers opt for personal vehicles compared to other modes of transportation owing to reliable and convenient transportation across long distance. Rising consumer spending on luxury & comfort goods is shifting preferences of customers toward personal vehicles thereby by supporting collision repair market expansion.

 

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Paints and coatings are one of the primary products used to repair vehicle parts. The segment holds a share of around 20% in the collision repair market owing to increasing rate of minor as major road accidents in urban areas. Painting process is used to regain the attractive appearance and shine to vehicle which is lost after road accidents. Rising technological advancements in painting process resulting in enhanced quality is also expected to induce higher demand for the segment.
 

Automtive Collision Repair Parts Market By Product

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Growing trading activities to escalate the product demand from LCV

Rising light commercial vehicle sales accompanied with increasing trade activities is anticipated to drive the collision repair market size. Global traffic for light commercial vehicles has been increasing with rising vehicles in road. According to OICA, in Europe, light commercial vehicle production stood at over 2.26 million units in 2018 up by 2.5% from the previous year. A loss of control in an elevated center of gravity vehicles such as vans, SUVs and light commercial vehicles lead to rollover or skidding. A high probability of road accidents in LCVs is anticipated to generate a high demand for collision repair products.
 

Browse key industry insights spread across 215 pages with 295 market data tables & 11 figures & charts from the report, “Collision Repair Market Size By Product (Paints & Coatings, Adhesives & Sealants, Abrasives, Finishing Compounds), By Vehicle (PCV, LCV, HCV, Two Wheelers), By End-Use (New OEM, Aftermarket, Recycled, Remanufactured), By Auto Body Shops (Dealer Owned Shops, Independent Repair Shops), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-collision-repair-market
 

High affordability for products will enhance aftermarket segment penetration

Aftermarket will showcase steady growth owing to availability of a wide range of components at a lower price range as compared with OEMs. Additionally, consumers with older vehicles tend to prefer aftermarket due to easier availability of spare parts along with lower costs associated with repair & maintenance. However, the highly fragmented nature of the aftermarket segment contributes to inefficiencies in supply chain management.
 

Independent repair shops incorporating numerous service bays to provide repair services for a wide range of vehicles are providing a positive outlook for collision repair market growth. Lower overhead costs significantly contribute to lowering the overall price of service repairs. Effective communication and independent mechanics enable improved customer relationship and foster goodwill among customers. The ability to service vehicles of multiple brands and the easier availability of spares are further supporting segment growth.
 

Lenient traffic regulations to drive the collision repair parts demand in Asia Pacific

Asia Pacific is experiencing significant growth in collision repair market on account of rising prevalence of vehicular damages due to lack of stringent regulations regarding safe driving and traffic rules. In addition, the presence of automotive manufacturers such as Hyundai, Suzuki, & Mitsubishi along with increasing consumer buying power is increasing the vehicle ownership. Rising vehicles sales in countries such as India owing to rising disposable income will substantially contribute to market expansion till 2026.
 

New product development to emerge as a key strategy for industry players

In July 2016, the.3M company launched a new anti-corrosion agent to be used in auto body shops for providing enhanced anti-corrosion solutions at lower costs. The strategy enabled the company to significantly improve its product offerings and target a wide customer base. The increasing new and innovative product launches is expected to result a high industry rivalry in market.
 

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